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Da Nang succeeds in luring FDI projects

Update: December, 19/2006 - 00:00

Da Nang succeeds in luring FDI projects

(19-12-2006)

DA NANG — The Da Nang People’s Committee Chairman Tran Van Minh last Friday granted license to the Korea Investment and Development Co Ltd for constructing the US$30 million twin-tower "True Friends Park".

The 40-storey towers, encompassing an area of 120,000sq.m in Da Phuoc Quarter, Hai Chau District, will have apartments, offices, and an entertainment area. The complex is expected to open in 2010.

The province’s authorities had in November granted license to the US-based ITG Co Ltd to build the $65 million Phong Phu textile unit in Hoa Khanh Industrial Zone.

These two projects have helped to raise the total foreign direct investment (FDI) capital to the city to $210 million in 2006 alone, with $208.5 million coming from newly-licensed projects.

The city has already signed conditional agreements for investments in some large projects, including a $200 million complex by Vina Capital, a $60 million tourism and resort spa by Indochina Land Holding, and a $300 million Da Phuoc golf and residential complex by Deawon.

Da Nang has 91 FDI projects currently in effect, with a total registered capital of $762.3 million. Around 40 per cent of the capital - $311 million - has been invested.

The city’s seven industrial zones account for $400.5 million in foreign investments, with 50 FDI projects.

According to statistics provided by the city authorities, FDI enterprises in Da Nang were forecast to earn a revenue of $175 million in 2006, an increase of 20.7 per cent compared to last year, and $125 million from exports, up 30.6 per cent from 2005. — VNS

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